Bitcoin (BTC) continues to trade sideways in the mid-$80,000 range, lacking a year-end "Santa Claus Rally." Trading volume has fallen due to year-end liquidity declines, and a large-scale BTC options expiry is fueling a wait-and-see attitude.
According to CoinMarketCap, a global cryptocurrency market monitoring site, as of 8:31 AM on the 26th, BTC was trading at $87,301.87, down 0.29% from 24 hours earlier. Ethereum (ETH) was trading at $2,914.46, down 0.64%. XRP fell 0.91% to $1.84, and Solana (SOL) fell 1.03% to $121.51.
The domestic market is showing a similar trend. On Bithumb, a domestic cryptocurrency exchange, BTC was trading at 128,458,000 won, down 0.45% from the previous day. ETH was trading at 4,282,000 won, down 0.79%, and XRP was trading at 2,701 won, down 1.82%.
While the New York Stock Exchange enjoyed a Santa rally on the 24th (local time), with all three major indices rising simultaneously, the cryptocurrency market is struggling to find a rebound. Concerns are also growing that the expiration of 300,000 BTC options contracts scheduled for the 26th (local time) could increase downside risk. The BTC options contracts due to expire are worth approximately $23 billion (approximately 34 trillion won). This massive buying and selling, at record levels, could lead to increased price volatility.
Cryptocurrency investor sentiment remains at a state of "extreme fear." The fear and greed index from cryptocurrency data analysis firm Alternative.me stands at 23 points. A reading closer to 0 indicates a weakened investor sentiment, while a reading closer to 100 indicates overheated market sentiment.
Despite this market uncertainty, some experts are offering a positive long-term outlook. The CEO of Strategy, known as the world's largest Bitcoin holding company, offered an optimistic outlook, predicting that BTC prices will rise next year.
According to Daily Hodl, a digital asset media outlet, on the 25th (local time), Phong Le Strategy CEO predicted that "the possibility of the U.S. shifting to monetary easing will reduce pressure on risk assets and create a favorable environment for Bitcoin." Regarding the Fed's outlook for interest rates next year, the Fed announced on the 10th (local time) that it would "cut once" (0.25 percentage points).
Changpeng Zhao, founder of Binance, also said through X (former Twitter), "Most investors who regret Bitcoin's all-time high are those who failed to enter when fear was at its peak," adding, "The current period could be an opportunity for long-term investors."
- Reporter Park Min-joo
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